Term
|
Definition
| way in which a nation uses its resources to satisfy its people's needs and wants |
|
|
Term
|
Definition
| system in which a economic decisions are based on customs and beliefs that have been handed down from generation to generation |
|
|
Term
|
Definition
| system in which the governement controls that factors of production and makes all decisions about their use |
|
|
Term
|
Definition
| system in which individuals own the factors of production and make economic decisions through free interaction while looking out for their own and their families' best interests |
|
|
Term
|
Definition
| the process of freely exchanging goods and services between buyers and sellers |
|
|
Term
| Circular Flow of income and output |
|
Definition
| economic model that pictures income as flowing continuously between businesses and consumers |
|
|
Term
|
Definition
| system in combining characteristics of more than 1 type of economy |
|
|
Term
|
Definition
| economic system in which private individuals own the factors of production |
|
|
Term
|
Definition
| economic system in which the governement minimizes its interference with the economy |
|
|
Term
|
Definition
| economic system in which individuals own the factors of production and decide how to use them within legal limits; same as capitalism |
|
|
Term
|
Definition
| amount earned after a business subtracts its costs from its revenues |
|
|
Term
|
Definition
| desire to make money that motivates people to produce and sell goods and services |
|
|
Term
|
Definition
| rivalry among producers or sellers of similiar goods and services to win more business |
|
|
Term
|
Definition
| whatever is owned by individuals rather than by governement |
|
|
Term
|
Definition
| wise use of available resources as to obtain the greatest benefits possible |
|
|
Term
|
Definition
| the attempt to balance and economic policy so that everyone benefits fairly |
|
|
Term
|
Definition
| the material well-being of an individual, group, or nation, measured by how well their necessities and luxuries are satisfied |
|
|
Term
|
Definition
| expansion of the economy to produce more goods, jobs, and wealth |
|
|
Term
|
Definition
| a system in which the governement owns the major factors of production and attempts to manage output and the distribution of goods |
|
|
Term
|
Definition
| term used by Karl Marx for his idealized society in which no governement is necessary |
|
|
Term
|
Definition
| system that works within the constitutional framework of a nation to elect socialists to office; the government usually controls only some areas of the economy |
|
|
Term
|
Definition
| system that supports revolution as a mean to overthrow capitalism and bring about socialist goals; the entire economy is controlled by a central governement; also called communism |
|
|
